Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

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The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

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Eurostat Report Signals Modest Contraction In European Services Production

by THEFUTURE.TEAM

May 13, 2026

Overview Of Recent Sectoral Trends

New data released by Eurostat showed seasonally adjusted services production declining by 0.3% in both the euro area and the wider European Union during February. The decline followed stronger performance in January, when services production increased 1.0% in the euro area and 0.4% across the EU. Despite the monthly slowdown, annual figures remained positive, with services production rising 1.4% year-on-year in the euro area and 1.3% across the EU.

Sector-Specific Performance

Within the euro area, transportation and storage activities recorded a modest monthly increase of 0.2%, while accommodation and food services declined 0.6% and real estate activities fell 0.4%. Information and communication services experienced the sharpest monthly contraction, dropping 2.0%. At the same time, professional, scientific and technical activities increased 0.5%, while administrative and support services remained broadly stable.

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A similar trend emerged across the EU, although transportation and storage services declined 0.3%. Meanwhile, professional and scientific activities recorded a stronger monthly growth of 1.0%, while administrative and support services posted a slight increase of 0.1%.

Member State Dynamics

Performance varied significantly between member states during the month. Estonia recorded the steepest monthly decline at 16.3%, followed by Luxembourg at 9.5% and Denmark at 3.0%. By contrast, Bulgaria posted the strongest monthly increase at 4.6%, while Hungary and Poland recorded gains of 3.7% and 1.4% respectively.

Year-On-Year Performance And Sectoral Leadership

From an annual perspective, information and communication services remained one of the strongest-performing sectors, increasing 4.0% in the euro area. Professional, scientific and technical activities also recorded solid annual growth, rising 2.3% in the euro area and 3.0% across the EU. Accommodation and food services remained the only major sector to post an annual decline, falling 0.8% in the euro area. At the national level, Hungary led annual growth with an increase of 7.6%, while Bulgaria and Slovenia each recorded growth of 6.3%. Meanwhile, Romania experienced the steepest annual contraction at 5.3%, with Denmark and Lithuania also reporting declines compared with the previous year.

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